CandleFocus

Charts of the week: HYPE, BGB and MOVE rally in double-digits, Bitcoin crash does not fade gains

Author: Content Editor
Hyperliquid (HYPE), Bitget token (BGB), and Movement (MOVE) have seen significant gains of 25-50% this week, even as Bitcoin and other altcoins experienced a market correction. Technical indicators suggest that these tokens may continue their rally. Despite Bitcoin's decline, on-chain metrics indicate a bullish outlook for BTC, with expectations of a cycle top between $150,000 and $200,000. HYPE, with a total value of locked assets of $2.191 billion, is currently 45% below its all-time high and could rally towards $60.491. BGB surged over 520% in the past 12 months but is currently showing signs of being overvalued. MOVE, the native token of a Layer 2 network on Ethereum, gained 25% in the past week and has support and resistance zones for potential further gains. Open interest in HYPE has increased, while it has decreased for BGB. Derivatives traders are bullish on MOVE. Traders should be cautious as a flash crash or market-wide bloodbath could erase recent gains. A return above $100,000 for Bitcoin could support extended rallies in altcoins.

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